18. The SWF’s investment policy should be clear and consistent with its defined objectives, risk tolerance, and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio management principles.
18.1. The investment policy should guide the SWF’s financial risk exposures and the possible use of leverage.
18.2. The investment policy should address the extent to which internal and/or external investment managers are used, the range of their activities and authority, and the process by which they are selected and their performance monitored.
18.3. A description of the investment policy of the SWF should be publicly disclosed.
AGDF Investment Policy statement, including objectives and investment strategy, is published on our website.
The AGDF aims to support Rwanda’s economic security and development and build wealth for future generations of Rwandans.
AGDF is a professional and prudent institutional investor with a long-term investment horizon. This enables it to seek out sustainable real returns and ride out short-term economic and financial market fluctuations. AGDF aims to achieve above-average real returns while maintaining risk within acceptable limits, so as to preserve capital.
AGDF’s long-term objectives and expected economic and market conditions determine the choice of asset classes and their weights in the Fund. The Board reviews the Fund’s asset allocation periodically for consistency with the objectives and evolving opportunities and risks.
Information about the AGDF asset allocation is available on our website.
The criteria and procedures for recruitment of internal investment managers are clearly set out HR Policy. The Chief Investment Officer is the lead manager. As to the hiring of External Fund Manager (“EFM”), we have not yet hired one, but Guidelines thereon have been established to address the process by which they are selected and how their performance is monitored.